A bill to amend the Tax Reform Act of 1976 to allow, for taxable years beginning after December 31, 1975, certain insurance companies to adopt, for purposes of filing a consolidated return, the taxable year of the common parent corporation.

Amends the Tax Reform Act of 1976 to change from December 31, 1980, to December 31, 1975, the effective date of provisions allowing certain insurance companies (other than life or mutual) to adopt, for purposes of filing a consolidated return, the taxable year of the common parent corporation.